THE time
to talk about GAAR has come. The Provisions of GAAR
are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR
provisions shall be effective from assessment year 2018-19 onwards, i.e.;
financial Year 2017-18 onwards. The necessary procedures for application
of GAAR and conditions under which it shall not apply, have been enumerated
in Rules 10U to 10UC of the Income-tax Rules, 1962.
As
per the CBDT, several stakeholders and industry associations have represented
that guidelines for implementation of GAAR be issued so that there is adequate
clarity in this regard.
The
general public and stakeholders have therefore been requested by the CBDT
to provide their inputs on the provisions of GAAR in respect of which further
clarity is required, from its implementation perspective. For the exercise
to be meaningful, it is essential that reference to hypothetical situation
is avoided. If the input relates to interpretation of a specific real world
structure or arrangement, the structure should be such as commonly occurs
in the sector and involves clarification of general principles of application.
Further, in relation to such structure, the particular provision and apprehensions
or doubt alongwith basis thereof may also be provided with all the relevant
facts.
The inputs may be provided on or before 30.06.2015 electronically on e-mail ID gaar-dor@gov.in and/ or by post at the following address with “Comments for Guidance Note on GAAR” written on the envelop.
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